Need cash..I’m not sure if I get a Home Equity loan or refinance..I have a 5/2 ARM with 4.37 APR. 2 years left before the rate is adjusted. The value of the house gone up to 60K. Can you advise?
2 Comment(s)
do a refinance and get out of that ARM, you will still get some cash depending how you credit is but be carefull pulling equity on your home you could end up, upside down real quick.
always refinance to a better rate if you can for every 0.125% lower in rate you will save at least 500 a year in interest. Try to go for an 30 year fixed or 15 year fixed for a slightly better rate.
do a refinance and get out of that ARM, you will still get some cash depending how you credit is but be carefull pulling equity on your home you could end up, upside down real quick.
bryan l | Sep 24, 2009 | Reply
always refinance to a better rate if you can for every 0.125% lower in rate you will save at least 500 a year in interest. Try to go for an 30 year fixed or 15 year fixed for a slightly better rate.
Billy T | Sep 25, 2009 | Reply